Faribault Rotary Charitable Gambling Membership Meeting - Chad Koepke highlighted the revenues, prizes, allowable expenses and tax payments for October 2021 (image below for highlights)
- Of note, paper pull tabs were only active for 2.5 weeks whereas e-tabs were active the whole month
- Chad noted that October had higher expenses due to the one-time costs associated with establishing the gambling operation, such as purchasing the POS system, iPads, etc….
- Chad noted that a couple expenses, such as profit sharing with the bar, are going to hit the income statement in arrears as the sharing amount is a function of financial performance for the month, which cannot be established till the books close
- The following expenses were approved for December 2021:
- Paper pull-tab inventory / games $4,000
- Motion by Rod Muller & George Wickstrom
- Revenue sharing with M. Peters $7,000
- Motion by Todd Sesker & Marv Shroeder
- Monthly CGMade Easy SAAS / Online administrative interface $250
- Motion by Jessica Amundson & David Connelly
- Profit sharing with Boxers $6,000
- Motion by Pastor Greg & George Wickstrom
- Payment to Gambling Team $500
- Specific Payments = $17,750 & Total Approved Payments = $18,500
- Given the nascent nature of the operation, the gambling team sought larger dollar approvals to ensure payments are under the approved amount à over time, specific approval amounts should tighten once a trend can be determined
- Additionally, the gambling team requested $750 in unknown overhead expenses as the full cash flow picture – both cash in and out – is still being developed as a full month of operations, with paper and e-tabs, will not be available till the completion of November 17, 2021 as paper tabs were only in place for 2.5 weeks of October
- No lawful donations / charitable contributions were approved at the November meeting
- Faribault Rotary Youth Services is meeting Friday, November 19 to discuss processes and procedures for allocating gambling funds along with other items that fall under FRYS’ reach
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